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With fears of European default looming, American banking giants are dropping their European derivatives onto the American taxpayer without consent from regulators or legislators. The Fed announced it the FDIC will insure $75 trillion worth of Bank of America’s European derivatives as well as $79 of JP Morgan’s European derivatives. This move shifts the risk incurred by banks gambling in European markets to the American taxpayer, ensuring future bailouts and resulting austerity due to high debt levels. Even more brazen is the lack of oversight of any kind over the decision which shows that the global financial system, including the Federal Reserve, serves only its own interests at the expense of the American people and people around the world. Read the story below: